Heat the water in a large Dutch oven over medium heat. Turn off the heat and add the sugar and the tea bags. Steep the tea bags in the sugar water for 12 minutes.
Add the peach to a blender and pulse to puree. Push the peach puree through a fine mesh sieve over a bowl to strain. Once the tea bags finish steeping, remove them and discard. Allow the tea to cool to room temperature, then stir in the fresh orange juice, fresh pineapple juice and strained peach puree. Mix until well blended, then refrigerate. Serve cold over ice and garnish each glass with a wedge of fresh pineapple or orange.